Why’s this such a big deal? Because Rossi’s surrogates went out of their way to deny that Rossi had anything to do with the lucrative business of making money on other people’s foreclosure misfortune:

That stands at odds with statements some GOPers have made defending Rossi’s decision to headline a foreclosure conference next week. Rossi will be the featured guest, as first reported by Hotline OnCall, a move that has WA Dems giddy; they have trotted out victims of foreclosure to slam Rossi for his involvement.

“The context of his remarks focus on sharing his story about how he got his start in the commercial real estate business,” one GOPer familiar with Rossi’s remarks told Hotline OnCall earlier this week. “They have nothing to do with foreclosures and in fact, Dino has had no involvement with foreclosure investments throughout his real estate career.”

Now Rossi spokesperson Mary Lane Strow is defending Rossi’s foreclosure investments as job-creating economic benevolence, which I suppose would have been a more effective spin had it been made before he denied having any foreclosure investments at all. I’m just sayin’.

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Exactly. If they had just said “look buying foreclosure’s is a GOOD thing” instead of flat out lying, it would have been much better. Throughout all politics, the cover up (direct lying) is almost always worse than the original perceived political issue.

The reason the GOP-ers keep making mistakes like this is that they really, honestly, don’t see anything wrong with this.

Tossing someone out of their home because they lost their job in the worst economy in decades, or because they got sick a couple years before health care reform kicked in? Swooping in to make a bundle by taking advantage of someone else’s misfortune? Hey, that’s the free market, baby!

Same with Rand Paul’s recent statements. Their real error was forgetting that anyone with a soul recoils at their true beliefs, so they are supposed to keep those beliefs under wraps until after the election.

As I said in the previous thread, I really don’t have any problems with Rossi, or others, buying up foreclosed properties. We need private money coming into bo purchase bank-owned properties in order for the bank-owned inventories to decline, and real estate values to rise. Until that happens, the disparity between the market values and the mortgage balances will continue to leave many people “underwater”.

Being underwater for the short term isn’t a problem, you can always wait for the market to recover and inflation to pull you up. But there are lots of people who can’t wait. That includes people who lost their jobs in the Great Rescession and have to move elswhere to secure employment, or people who have mortgages with large balloon payments due, or interest rate re-sets at considerably above the previous rate (or current market rates). Those people are unable to sell or re-finance as long as their homes are underwater, and often have no choice but to allow them to go into foreclosure.

So buying up foreclosed properties isn’t a mortal sin.

More of a sin, as I mentioned in my prvious post, is participating in seminars designed to draw people into a web of continuing to pay more and more money for seminars/consulting/investment clubs with the prospect of making big money, but knowing that most of them will lose all their money in the process.

And, of course, lying about whether or not you are participating in the foreclosure market.

Dino’s gonna have to spin one hell of a lot more to keep up with Rand Paul.

Dino should have his people now come out and say that he has ALWAYS defended the rights of free-market capitalists to buy the distressed properties of the now-homeless unemployed at cut-rate prices for quick and easy profits. Not that he does it himself. Except when he does.

Of course, the bank which forecloses on the properties might have a morals problem. Some borrowers are happy to surrender their properties back to the bank, and be free of the burden of the debt. But others want desperately to remain in their homes, and are prepared to continue to pay their mortgages at the original payment rates, but due to the economic collapse are unable to re-finance in order to pay off a baloon payment or pay unconscionable ARM increases which aren’t tied to any market rates. Banks who prefer to foreclose in those cases, relying upon reimbursement from loan insurance policies paid for by the borrower as part of their regular payments, have a special place in hell reserved for them if the homeowner’s families become homeless, living in the streets or split up among various relative’s households.

“The context of his remarks focus on sharing his story about how he got his start in the commercial real estate business,” one GOPer familiar with Rossi’s remarks told Hotline OnCall earlier this week. “They have nothing to do with foreclosures and in fact, Dino has had no involvement with foreclosure investments throughout his real estate career.”

Then why is he peaking at a conference on profiting from the real estate foreclosure market? Does his speach begin and end with:

“I really don’t know anything about the making money of the foreclosure market, I’ve never participated in it. But I did do pretty well in Real Estate over the years. It helps to have a mentor to show you the ropes, and to introduce you to all the major players, at least before they get put in jail…”

A foreclosed property is one that the bank has already taken over, or is very close to taking over. How homeowners got to the point where they had to give their properties back to the banks, how banks made loans to people who were not apprised as to the risks of these loans, why more aid hasn’t come from the government to keep people in their homes, etc. etc. Those are all legitimate social and political questions.

But once it’s in foreclosure, it’s not Dino taking a house away from some poor putz who lost his job. It’s Dino buying a property from a bank which loaned that poor putz a lot of money, and by the way, the bank is losing their ass selling to Dino.

If this was a stock transaction, and Roger Rabbit was sitting on this blog cackling at the good fortune to be buying a stock dirt cheap because a bunch of investment wankers had a margin call and had to dump it cheaply, nobody would blink an eyelash. Most of us think investment wankers pretty much have it coming anyhow.

But what can you say? It’s unseemly that people get kicked out of their houses by foreclosure. It’s not exactly making Dino out to be a friend of ordinary folks.

Banks also provided unwise loans to developers, some of which defaulted leaving banks on the hook for millions. It sounds like Rossi is part of the developers food chain anyway, so it’s not surprising that he would purchase a property from one of them.

Awwww the poor arschloch, the dumb brick and caboose of every thread got his leetle feeling hurt.

GOOD!

When Dino declares then there is an issue. Until then you are one ugly minded person arschloch!

Regarding Dino buying up foreclosed properties rhp6033 said something prescient, lost on that stupid mind of yours full of hate…

As I said in the previous thread, I really don’t have any problems with Rossi, or others, buying up foreclosed properties. We need private money coming into bo purchase bank-owned properties in order for the bank-owned inventories to decline, and real estate values to rise. Until that happens, the disparity between the market values and the mortgage balances will continue to leave many people “underwater”.

Suck on that arschloch!

What happened to declaring Chapter 13 bankruptcy? Of course you have to ask if you can keep your house above the standard emotional attachment!

More stuff lost on the fool AKA the useless HA arschloch, the caboose of every thread sinking in the muck as the dumbest brick on a blog!

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